Glassman and Atkins make public dissent to SEC Proposal

by

23 Jul 2004

In a rare move, Securities and Exchange commissioners Cynthia Glassman and Paul Atkins made good on their promise to file a written dissent to the SEC's proposal, passed by a 3-2 margin last week, to require hedge fund managers to register as advisers. It is not unusual for SEC commissioners to file dissents to adopted rules, but it is highly unusual for them to file dissents to proposals.

"The majority proposes a solution to an ill-defined problem without having given proper consideration to viable alternative solutions in light of the limitations of our own capabilities," the commissioners wrote.

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